Rising Costs Impacting Customers
Families shopping for Kancheepuram silk saris for weddings are facing difficulties due to the increasing prices of these renowned saris. The rising prices of gold have also added to the financial strain on those looking to tie the knot. Budget-conscious consumers are now opting for saris with reduced gold and silver content or even choosing ones without these precious metals altogether.
Insight: The increasing prices of Kancheepuram silk saris and gold highlight the challenges faced by families in maintaining their wedding budgets. This trend suggests a need for consumers to adjust their preferences and shopping habits to accommodate the rising costs.
Impact on Retailers
RmKV, a well-known retail textile chain brand specializing in Kancheepuram silk saris, has witnessed a 20% decline in sales during the current wedding season due to the higher prices. Managing director K Sivakumar shared that many customers are adjusting their expectations by opting for saris with less gold and silver content or reducing the number of saris to fit their budgets.
Insight: The decrease in sales at RmKV reflects the broader trend of consumers seeking more affordable options in light of the rising prices of Kancheepuram silk saris. This shift in consumer behavior is impacting retailers in the textile industry.
Industry Impact
The Kancheepuram silk sari industry, valued at Rs 10,000 crore, has been significantly affected by the price hike. V K Dhamodaran from the Kancheepuram Silk Saree Manufacturers Association highlighted that the prices of these saris have increased by 40 to 50% between October and May.
Insight: The significant price hike in Kancheepuram silk saris is impacting both customers and manufacturers in the industry. It underscores the challenges faced by businesses in maintaining profitability amid rising costs.
Changing Trends in Traditional Attire
Kancheepuram silk saris, made from silk, gold, and silver threads, hold a special place in southern Indian weddings and celebrations. Known for their intricate designs and Geographical Indication (GI) tag, these saris have evolved to include modern elements like woven images of wedding couples. However, the escalating prices are prompting a shift towards more affordable options.
Insight: The shift towards more affordable options in Kancheepuram silk saris indicates a changing trend in consumer preferences, emphasizing the need for businesses to adapt to evolving market demands.
Weavers’ Response
High-end sari manufacturing has taken a hit due to the rising prices, leading to a complete halt in production. J Kamalanathan from the K S Parthasarathy Handloom Weavers Association mentioned that weavers have shifted their focus to more affordable segments due to a lack of demand for premium category saris.
Insight: The shift towards more affordable segments by weavers underscores the impact of rising prices on the production and sales of high-end Kancheepuram silk saris. It highlights the need for collaboration between stakeholders to address the challenges faced by the industry.
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